Cream cheese, Velveeta and half the shredded cheese with electric mixer fitted with paddle attachment 2 min. or until creamy. Stir in tomatoes and peppers until well blended. Refrigerate until ready to use or up to 24 hours ahead of time.
For each 5-serving appetizer:
3/4 cup (175 mL) cheese mixture into 8-oz. (250 mL) oval ramekin with handles. Bake in 400ºF (200ºC) standard oven 10 to 15 min. or until hot and bubbly. Sprinkle with 1/4 cup (50 mL) shredded cheese.
1 to 2 min. or just until cheese is melted. Garnish with 2 Tbsp. (30 mL) scallions. Serve immediately with chips for dipping.